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Gaz, we've talked before about the Iceland effect whereby rates that are far and above those offered elswhere being a sign of trouble ahead as a reliable indicator.

'One product stood out head and shoulders against the others. Those of a cynical mind might have queried why the ‘utterly ethical’ Co-Op bank was offering a 15.29% gross yield on your money – almost double the rate available anywhere else, but then wasn’t the Co-Op bank the only bank that was set up to primarily benefit its customers rather than those dastardly bankers?'

http://www.annaraccoon.com/politics/were-all-in-this-together-except-for-the-labour-party/

YikYak - true
- a mate has just had one bond to HSBC & one to Santander mature - I think one paid 11% & the other 13% (p.a) - if any "any" annual anniversay the FTSE ended up higher than when he took it out. Been in 2yrs so got.....22% & 26% ...in 2yrs !!!!!
- each could run for up to six yrs (if the ftse hadn't finished higher than start on any of the annual anniversaries)
- if ftse hadn't been above start figure on any of the annual anniversaries
- it paid you back your full original investment - at the end of 6yrs
- you only lost capital if after 6yrs the ftse had fallen by more than 50% (after...6yrs)

- shows what it takes for them to entice financing.

I checked out all the fine print 2yrs ago - looked a virtual no brainer
- Since then - Cyprus Template & Greek haircuts....application to Bondholders have
- .....erm - changed my opinion (in hindsight)

Maybe - he just got lucky and got paid out - and the boyz are running behind schedule (ie paid out before the banksters kicked in the Cypus templates)

I think perhaps the co-op is somewhere between....
- Q - equity life - do you really think we will be able to honour guaranteed annuities of 13% sir ?
- A - Look.... me, you, the chairman and everybody will be gone by then - just pocket your million pound bonus - and the government will sort it out and pick up the tab
(by then - we can sit, look back, and laugh about it in our villas & ferraris)

Or perhaps - black hole found in Co-op balance sheet
- Q - why ? - because we looked - and looked hard
- A - why - coz they ain't in "the club"
- Q - but on a mark to market basis - all banks including central banks would have their equity wiped out - they are totally insolvent
- and what about all the banks/insurance Co's/Pension funds - holding Mortgage backed security investments - with the same mortgage in multiple products.....and questionable/doubtful chains of title ?
- A - Nice to have our club of Banksters, the gov & reulatory authorities in our pockets
- we either take out the non club co-op type competitors & pick up their assets at firesale prices
- or saddle the taxpayers with bailouts
- or screw bondolders and savers with - another Cyprus jobby
- it's fun being in the Bankster club.....by the way what are you doing with your million pound bonus - this year.

- Sir - the Co-op has some juicy arms & subsidiaries - our boys could pick them up at firesale prices and divvy up the spoils later
- now you're geting the hang of it !

- oh and sir - xxxx insurance has a lot of the haircut bonds in their assets - that will mean they take a hit - we could pick up their xxxx subsidiary in due course
- well done - you will go far.

- sir - sorry to mention... but - you are salivating heavily...and drooling on your saville row shirt.

Yes, you are right - better stock up on some more - it's going to be a shirt drooling fun 24m

Alternatively - Co-op - just a distraction from the real big boyz "in trouble" on the other side of the pond - or Deutsche, or Barclays - over this side

Then again - I am cynical :o) - or maybe just......

Bix has some interesting views

ALERT: JP Morgan Increases SLV Holdings by 500%

http://www.roadtoroota.com/public/1218.cfm?awt_l=5eEZ2&awt_m=3VICbOjYkB4C85B

Snurkle - interesting read
- assume the Morgue
- "may" be settling their comex deliveries - out of
- redeeming some of their SLV holdings...for physical - and delivering that.
Wouldn't be a great suprise that they are milking ...the little bit of real, physical silver available

T Fergusson - highlights this z/hedge article

http://www.zerohedge.com/news/2013-06-15/deutsche-bank-horribly-undercapitalized-its-ridiculous-says-former-fed-president-hoe

Then comments :-

So now we have a former Fed Goon
- openly questioning whether or not...
- Deutsche Bank is solvent.

This isn't the first time I have heard this.
- The Golden Jackass himself (ie Jim Willie)
- has been telling me this for months.
In fact, when I saw this story, I emailed it to him and he responded.... with this,
(which he gave me the OK to post for all to read):

"My best German source told me that D-Bank
- is going into failure
- very very soon.

A week ago, he said 3 banks were in great danger of failure, likely not to survive, to happen soon
after a certain amount of begging, along with my lame guesses, he gave in
- Barclays, Citigroup, Deutsche Bank
- all gonna die in a huge round that will....... eclipse Lehman & Fannie & AIG
- it will be global
- watch a Japanese bank join them
(post this if you wish.")

OK, let's worry about Barclays and Citi another day. For now, let's focus on DB.

They've been in trouble for some time and now it's becoming clear for all to see. Additionally,

I was told by an English friend that
"a major bullion bank has been ....and continues to be.....
- on the verge of bankruptcy/insolvency".

Hmmm. I wonder who that could be? There are, of course, six major banks that do all of the clearing for the LBMA. They are:

Barclays, Scotia, HSBC, JPM, UBS and...drumroll please...Deutsche Bank.

http://www.tfmetalsreport.com/comment/323034

All of course on a ....heresay FWIW basis - blogger's friend of friends type stuff (tho one being connected to - Jim Willie)

But on the subject of BARCLAYS
- my thoughts & ....if my memory serves me correctly

- they sidestepped - the strings of the gov't bailout - that N/Rock, RBS - halifaxLyoydsTSB et al all endured.....by
- Getting a - private - bailout by....the Saudi Sov Wealth fund (allegedly)
- I say "alledgedly" - because I recollect - they got a wrap on the knuckles for....
- actually lending - the money - to the Saudis - to achieve it ????

So using my - CSE in woodwork - maths ability
- If you are in - deep sh!t - and you effectively - write a cheque to yourself - to bail yourself out - then ??

It still leaves you net - in the same - deep sh!t - you were ...
- when Lehman/AIG/Mort Backed Securities...all went ass uppards
- and everybody else since got ....a gov bailout.

What are your thoughts ?

Perhaps - following on - from the above...

Eric Sprott, President and CEO of Sprott Asset Management, says
- extreme physical demand....... for gold and silver is draining supplies.

Sprott predicts,

.....................“Somebody’s going to fail here...........................

http://www.youtube.com/watch?feature=player_embedded&v=xHRSz7DzHlo

All the data I look at says the Western central banks . . . that have been selling gold are running on fumes now . . . so,

- it’s ..........very close at hand.”

Jim Sinclair - seems to ask - do you fancy experiencing - the "Cyprus Experience" - or not.

Jim Sinclair continues to urge PM investors to take action now to prevent the coming theft of their savings and assets at the hand of the banksters:

Funds can be bailed In.
- Charities can be bail-In. Institutions can be bailed-in, non profits can be bailed-in. Hedge funds can be bailed in.

In Cyprus
- there were no exceptions.
- Here there will be no exceptions.

There will be no exception unless .......you make the exception for yourself.

And
- If Cypriots had followed Sinclair’s advice ???
- they would have saved..... 83% of their assets.

What's the price - of real physical metal
- kitco chart price
- or
- what it sells for in....a real auction ?

Vietnam,
- the largest buyer of gold in Southeast Asia after Thailand
- and
- one of the largest physical buyers of gold.. per capita..... in the world.

The Vietnamese Central Bank has held sales since.. the end of March
- So far - about 27 tons, have been sold..... in 28 auctions through June 7,
- according to the bank.

http://www.goldcore.com/goldcore_blog/gold-demand-extraordinary-vietnam-%E2%80%93-paying-217-premium-over-spot

So what's the "real price"......of "the real stuff"

On Friday
- the premium was close to 5.5 million dong which is the equivalent of......
- a very high premium of :-
.................................$217 per ounce over spot...................................
.

Gold really - but paints a picture

According to HarvO


Another disturbing piece of news is the low dealer gold inventory for our 3 major bullion banks: Scotia, HSBC and JPMorgan
- equal to 30.08*** tonnes (Remember this figure)


i) Scotia: 285,596.23 oz or 8.88 tonnes
ii) HSBC: 270,197.277 oz or 8.4 tonnes
iii) JPMorgan: 413,526 oz or 12.8 tonnes

iv) & it's actually another bank - Brinks dealer account that has the lions share of the dealer gold
- at 13.89 tonnes.

We have the following gold ounces standing for metal in June
- 29.32 tonnes of gold.
- and none.... of the 9.5 tonnes delivery notices from May have been removed from inventory as of yet.
= ....38-82 Tonnes

And...remember
- the 3 ....major bullion banks have collectively...... only 30.08 tonnes of gold left!!

Plus
JPMorgan's dealer account rests tonight (monday) at 413,000 oz.
- However all of this gold has been spoken for
....... plus an additional 81,000 oz................

Silver yields - collapsing ??



Fresnillo, BHP Billiton Cannington, Pan American Silver, Polymetal, Hochshild & Hecla.

In 2005, these big 6 producers - primary silver mines
- processed 9.4 million.. tonnes of ore to produce 123 million... ounces of silver,
- by 2012
- a total of 15.8 million ..tonnes of ore..... to supply only 127 million.. oz of silver.

So - they processed 6.4 million more ore.....ie up 68%

- to produce ....only 4 million ounces ie......3.25%.....more silver
-

Great stuff Gaz.
Cheers

Ditto that snurks.

All good stuff Gaz.

The latest Jeff Nielson

enjoy!!


Gold-Bashing Mythology Hits New Crescendo

http://www.bullionbullscanada.com/gold-commentary/26267-gold-bashing-mythology-hits-new-crescendo

http://blogs.marketwatch.com/thetell/2013/06/17/get-back-into-beaten-down-mining-stocks-j-p-morgan/?source=email_rt_mc_body

Buy

The latest Bill Holter....... a nice double dose

what is the dollar

http://blog.milesfranklin.com/what-is-the-dollar


What has changed?

http://blog.milesfranklin.com/what-has-changed

Here is a bullion site in Switzerland which tends to sell a wide range of bullion of all metals.
The interesting part is the stock levels and lead times.....


https://suissegold.ch/home.php?cat=274

Bit of an 8ft x 6ft RED - warning flag ....is a-fluttering

New York Times

The first time in recent.... decades
- that total margin debt exceeded... 2.25 percent.... of G.D.P.
- came at the end of 1999, amid..... the technology stock ....bubble.
- Margin debt fell..... after that bubble.... burst,

but
- to rise again during the..... housing boom
- when anecdotal evidence said some investors were using their investments to secure loans that went for down payments on homes.

That boom in ...margin loans ...also....
.... ended badly......

In fact it seems whenever margin debt reaches 2.25% .....the stock market crashes

http://www.nytimes.com/2013/06/01/business/economy/shades-of-prerecession-borrowing.html

So are we around the red flag ....2.25%..... historical - crash warning level now

Apparently - Margin debt has now risen to about...... 2.4 percent..... of GDP

May not crash this week, or next week - but it seems "the writing is on the wall" by way of forewarning
(And - in rather - large letters - imo)

By way of a visual warning
- the GREY areas indicate when margin debt - exceeds 2-25%
- The chart after....the Grey areas
- represents the S & P......in the month that follows



Place your bets ??
- NB - the bottom right hand chart is - where we are....now :o)

Former FRENCH Foreign.....minister says .....

Britain...... had been planning a war against Syria some.....
- two years .....before ..... the unrest broke out in the Arab country.

http://www.presstv.com/detail/2013/06/16/309276/uk-planned-war-on-syria-before-unrest/

The statement by Roland Dumas came during a recent interview with
- French Parliamentary TV network, LCP.

“I’m going to tell you something...... I was in England
- two years.... before the violence in Syria ...on other business.
- I met with top British officials, who ....confessed to me
- that they were preparing something in Syria,” said Dumas.

He continued by saying, “This was in Britain not in America.
- Britain
- was organizing ......an invasion of rebels into Syria.

They even asked me, although I was no longer minister for foreign affairs,
- if I would like to..... participate.”

Gaz - Syria/Lebanon is about oil.
Afghanistan is about natural gas & copper.

http://www.globalresearch.ca/the-war-is-worth-waging-afghanistan-s-vast-reserves-of-minerals-and-natural-gas/19769


http://en.m.wikipedia.org/wiki/Economy_of_Syria

http://www.yalibnan.com/2013/04/26/lebanons-oil-fields-expected-to-exceed-israel/

Agree squirrel. Like any other war, if there wasn't anything to gain from it why bother fighting over it?

The fact that 100000 people have died already and only now that supposedly 100 people died from the use of chemical weapons does Obama take steps to enter this war. Never mind the genocide that happened in many other African countries, but as there is nothing there for them to steal, why bother?